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An agreement between Argentina and the UK in 1995 seeks to defuse licensing and sovereignty conflicts that would dampen foreign interest in exploiting potential oil reserves.
Political tensions between the UK and Argentina rose in early 2010 after a UK company began oil drilling activities in the waters around the Falkland Islands but abated somewhat when the drilling operation failed to discover commercially exploitable oil reserves.
The Spanish name for the archipelago, Islas Malvinas, derives from the French Îles Malouines—the name given to the islands by French explorer Louis-Antoine de Bougainville in 1764.
The predominant (and official) language is English.
Under the British Nationality (Falkland Islands) Act 1983, Falkland Islanders are British citizens.
Its sovereignty status is part of an ongoing dispute between Argentina and the United Kingdom.
The population (3,398 inhabitants in 2016) primarily consists of native-born Falkland Islanders, the majority of British descent.